The post Wyoming to Launch State-Backed Stablecoin WYST Using LayerZero Technology in July appeared on BitcoinEthereumNews.com.

Key Takeaways: WYST is a state-issued, fully reserved stablecoin from Wyoming, currently in test mode within the state. WYST will be over-collateralized with cash and U.S. Treasuries, ensuring full reserve backing. The interest earned from reserves will be allocated to Wyoming’s School Foundation Fund, showcasing an innovative public benefit use of blockchain. The state of Wyoming is set to move forward into the digital asset sector with a launch of its state-backed stablecoin, the Wyoming Stable Token (WYST), which is scheduled for July 2025. If successful, WYST will be the first fully reserved stablecoin in the U.S. issued by a public entity. Announced on March 26 at the DC Blockchain Summit, this effort places Wyoming as an innovator and leader in blockchain regulation and digital asset innovation. WYST: Wyoming’s Game-Changer in the Stablecoin Arena The adoption of the Wyoming Stable Token Act in 2023 and the subsequent establishment of the Wyoming Stable Token Commission reinforce the state’s reputation as a leader in blockchain innovation — Wyoming has always been known for its progressive attitude toward blockchain. Now, the state is taking concrete steps to move its vision forward. Currently, WYST is in testing phase on various blockchain testnets like Ethereum, Solana, Avalanche, Arbitrum, Optimism, Polygon and Base. These test deployments aim to ensure compatibility across multiple blockchain ecosystems, allowing WYST to be widely accessible and easily integrated into existing digital financial infrastructures. Governor Mark Gordon, Chairman of the Stable Token Commission, emphasized Wyoming’s role as a leader in this space, stating that their approach to blockchain and digital asset legislation has positioned Wyoming as a model, not only for other states but the federal government as well. How WYST Aims to Differ From Existing Stablecoins A key pillar of WYST is transparency and security. To back WYST, cash and U.S. Treasuries will…

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Filed under: News - @ March 27, 2025 9:18 pm